EX-99.2 3 exhibit992_sep2022factsheet.htm EX-99.2 Document
Exhibit 99.2
Washington Federal, Inc.
Fact Sheet
September 30, 2022
($ in Thousands)

 As of 03/22 As of 06/22 As of 09/22
Allowance for Credit Losses (ACL) - Total$201,384 $203,479 $205,308 
     ACL - Loans171,384 170,979 172,808 
     ACL Unfunded Commitments30,000 32,500 32,500 
    Total ACL as a % of Gross Loans1.13 %1.08 %1.06 %
 03/22 QTR  03/22 YTD  06/22 QTR  06/22 YTD  09/22 QTR  09/22 YTD
Loan Originations - Total$2,227,505 $4,361,843 $2,742,466 $7,104,309 $1,631,884 $8,736,193 
    Multi-Family224,179 420,445 181,015 601,460 74,074 675,534 
    Commercial Real Estate173,381 477,961 196,663 674,624 206,226 880,850 
    Commercial & Industrial642,243 1,414,779 637,193 2,051,972 517,710 2,569,682 
    Construction686,847 1,072,294 1,050,981 2,123,275 363,112 2,486,387 
    Land - Acquisition & Development20,731 54,816 50,035 104,851 70,383 175,234 
    Single-Family Residential242,492 461,908 283,061 744,969 147,639 892,608 
    Construction - Custom175,733 338,559 248,518 587,077 178,619 765,696 
     Land - Consumer Lot Loans16,430 35,583 17,195 52,778 8,953 61,731 
     HELOC38,410 71,685 48,640 120,325 51,068 171,393 
     Consumer7,059 13,813 29,165 42,978 14,100 57,078 
Purchased Loans (including acquisitions)$109,664 $512,483 $52,101 $564,584 $— $564,584 
Net Loan Fee and Discount Accretion$7,679 $17,041 $6,354 $23,395 $5,761 $29,156 
Repayments
Loans$1,544,408 $3,377,507 $1,690,945 $5,068,452 $1,125,996 $6,194,448 
MBS70,182 168,457 70,635 239,092 55,751 294,843 
MBS Net Premium Amortization$1,014 $2,319 $820 $3,139 $1,248 $4,387 
Efficiency
Operating Expenses/Average Assets1.75 %1.78 %1.72 %1.76 %1.83 %1.78 %
Efficiency Ratio (%)58.65 %58.65 %51.63 %56.13 %49.52 %54.25 %
Amortization of Intangibles$247 $519 $246 $765 $245 $1,010 
EOP Numbers
Shares Issued and Outstanding65,306,928 65,321,869 65,330,126 
Share repurchase information
Remaining shares authorized for repurchase3,728,320 3,725,874 3,724,344 
Shares repurchased4,684 88,798 2,446 91,244 1,530 92,774 
Average share repurchase price$34.65 $35.31 $31.36 $35.20 $31.49 $35.14 

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Washington Federal, Inc.
Fact Sheet
September 30, 2022
($ in Thousands)
Tangible Common Book ValueAs of 03/22As of 06/22As of 09/22
$ Amount$1,582,200 $1,610,857 $1,665,251 
Per Share24.23 24.66 25.49 
# of Employees2,138 2,122 2,132 
Investments
Available-For-Sale:
     Agency MBS$597,903 $908,082 $895,964 
     Other1,311,702 1,242,650 1,155,073 
$1,909,605 $2,150,732 $2,051,037 
Held-To-Maturity:
     Agency MBS$301,221 $477,884 $463,299 
$301,221 $477,884 $463,299 
 As of 03/31/22 As of 06/30/22 As of 09/30/22
Loans Receivable by Category AMOUNT % AMOUNT % AMOUNT %
    Multi-Family$2,392,810 13.5%$2,494,594 13.2%$2,645,801 13.6%
    Commercial Real Estate2,829,946 15.92,899,057 15.33,133,660 16.2
    Commercial & Industrial2,504,442 14.12,351,030 12.42,350,984 12.1
    Construction3,136,239 17.63,896,740 20.63,784,388 19.5
    Land - Acquisition & Development236,313 1.3245,233 1.3291,301 1.5
    Single-Family Residential5,442,535 30.65,652,897 29.95,771,862 29.8
    Construction - Custom836,314 4.7943,858 5.0974,652 5.0
     Land - Consumer Lot Loans154,976 0.9158,485 0.8153,240 0.8
     HELOC174,367 1.0185,427 1.0203,528 1.0
     Consumer67,511 0.473,044 0.475,543 0.4
17,775,453 100%18,900,365 100%19,384,959 100%
     Less:
        Allowance171,384 170,979 172,808 
        Loans in Process2,440,430 3,083,573 3,006,023 
        Net Deferred Fees, Costs and Discounts68,713 80,648 92,564 
        Sub-Total2,680,527 3,335,200 3,271,395 
$15,094,926 $15,565,165 $16,113,564 
Net Loan Portfolio by Category AMOUNT % AMOUNT % AMOUNT %
    Multi-Family$2,363,194 15.7%$2,466,359 15.8%$2,614,466 16.2%
    Commercial Real Estate2,783,947 18.42,851,695 18.33,085,298 19.1
    Commercial & Industrial2,443,105 16.22,289,122 14.72,286,192 14.2
    Construction1,189,395 7.91,381,376 8.91,397,731 8.7
    Land - Acquisition & Development197,375 1.3210,747 1.4211,337 1.3
    Single-Family Residential5,389,654 35.75,593,232 35.95,701,461 35.4
    Construction - Custom340,984 2.3365,485 2.3393,933 2.4
     Land - Consumer Lot Loans148,444 1.0151,856 1.0146,899 0.9
     HELOC173,454 1.1184,836 1.2203,551 1.3
     Consumer65,374 0.470,457 0.572,696 0.5
$15,094,926 100%$15,565,165 100%$16,113,564 100%


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Washington Federal, Inc.
Fact Sheet
September 30, 2022
($ in Thousands)
As of 03/31/22As of 06/30/22As of 09/30/22
Loans by State AMOUNT% AMOUNT% AMOUNT%
     Washington$5,316,627 34.8 %$5,269,445 33.5 %$5,315,013 32.6 %
     Idaho756,662 5.0 792,013 5.0 815,480 5.0 
     Oregon2,261,328 14.8 2,226,233 14.1 2,236,439 13.7 
     Utah1,324,307 8.7 1,452,601 9.2 1,558,368 9.6 
     Nevada587,905 3.9 644,104 4.0 685,458 4.2 
     Texas1,757,484 11.5 1,881,089 12.0 2,010,558 12.3 
     Arizona1,933,569 12.7 2,162,608 13.7 2,322,291 14.4 
     New Mexico676,837 4.4 686,494 4.4 699,837 4.3 
     Other651,591 4.3 621,557 3.9 642,928 3.9 
     Total$15,266,310 100%$15,736,144 100%$16,286,372 100%
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans:
     Multi-Family$— —%$5,944 16.2%$5,912 17.1%
     Commercial Real Estate6,412 19.15,024 13.74,691 13.6
     Commercial & Industrial4,789 14.24,288 11.75,693 16.5
     Construction343 1.0— —— —
     Land - Acquisition & Development2,340 7.0— —— —
     Single-Family Residential18,612 55.320,184 55.017,450 50.5
     Construction - Custom465 1.4900 2.5435 1.3
     Land - Consumer Lot Loans310 0.9213 0.684 0.2
     HELOC329 1.091 0.2233 0.7
     Consumer39 0.135 0.136 0.1
        Total non-accrual loans33,639 100%36,679 100%34,534 100%
Real Estate Owned9,509 9,656 6,667 
Other Property Owned4,095 4,095 3,353 
Total non-performing assets$47,243 $50,430 $44,554 
Non-accrual loans as % of total net loans0.22 %0.24 %0.21 %
Non-performing assets as % of total assets0.23 %0.25 %0.21 %
Net Charge-offs (Recoveries) by Category03/22 QTRCO % (a)06/22 QTRCO % (a)09/22 QTRCO % (a)
Multi-Family$— —%$— —%$— —%
Commercial Real Estate(753)(0.11)(23)—(164)(0.02)
Commercial & Industrial871 0.1419 —258 0.04
Construction(179)(0.02)— —— —
Land - Acquisition & Development(20)(0.03)(10)(0.02)(11)(0.02)
Single-Family Residential(147)(0.01)(252)(0.02)(198)(0.01)
Construction - Custom— —— —— —
Land - Consumer Lot Loans(40)(0.10)(2)(0.01)(1)—
HELOC(100)(0.23)(249)(0.54)(1)—
Consumer(105)(0.62)(78)(0.43)(212)(1.12)
Total net charge-offs (recoveries)$(473)(0.01)%$(595)(0.01)%$(329)(0.01)%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance
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Washington Federal, Inc.
Fact Sheet
September 30, 2022
($ in Thousands)
As of 03/22As of 06/22As of 09/22
Deposits & branches by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$7,067,961 43.1 %76 $7,040,668 44.1 %76 $7,209,123 45.0 %72 
     Idaho1,122,007 6.8 22 1,073,221 6.7 22 1,052,550 6.6 22 
     Oregon3,030,152 18.5 36 3,007,716 18.8 36 2,878,933 18.0 36 
     Utah987,788 6.0 9 772,487 4.8 9 802,635 5.1 9 
     Nevada539,805 3.3 10 525,675 3.3 9 534,655 3.3 9 
     Texas622,118 3.8 6 553,379 3.5 6 562,192 3.5 6 
     Arizona1,700,408 10.4 30 1,667,742 10.4 28 1,625,957 10.1 28 
     New Mexico1,320,409 8.1 25 1,324,732 8.3 23 1,363,525 8.5 19 
     Total$16,390,648 100%214 $15,965,620 100%209 $16,029,570 100%201 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$3,251,603 19.8 %$3,269,773 20.5 %$3,266,734 20.4 %
Interest Checking3,897,185 23.8 3,472,402 21.7 3,497,795 21.8 
Savings1,078,147 6.6 1,069,801 6.7 1,059,093 6.6 
Money Market4,912,671 30.0 4,856,275 30.4 4,867,905 30.4 
Time Deposits3,251,042 19.8 3,297,369 20.7 3,338,043 20.8 
Total$16,390,648 100%$15,965,620 100%$16,029,570 100%
Deposits greater than $250,000 - EOP$7,914,122 $7,463,761 $7,400,474 
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$530,189 0.45 %$850,894 0.42 %$978,004 0.56 %
From 4 to 6 months830,454 0.43 %894,688 0.40 %966,800 0.72 %
From 7 to 9 months722,437 0.45 %681,182 0.56 %353,053 0.56 %
From 10 to 12 months591,916 0.41 %327,193 0.53 %457,627 0.85 %
FHLB Advances (Effective Maturity)AmountRateAmountRateAmountRate
Within 1 year$320,000 2.08 %$500,000 1.95 %$1,025,000 3.06 %
1 to 3 years500,000 2.16 %300,000 1.94 %200,000 2.18 %
3 to 5 years100,000 1.82 %100,000 1.80 %100,000 1.92 %
More than 5 years800,000 0.93 %800,000 0.87 %800,000 0.67 %
Total$1,720,000 $1,700,000 $2,125,000 
Interest Rate Risk
NPV post 200 bps shock (b)10.9 %12.1 %12.6 %
Change in NII after 200 bps shock (b)6.0 %3.9 %1.9 %
(b) Assumes no balance sheet management actions taken.


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Washington Federal, Inc.
Fact Sheet
September 30, 2022
($ in Thousands)
Historical CPR Rates (c)
WAFDWAFD
Average for Quarter Ended:SFR MortgagesGSE MBS
9/30/202031.2 %42.8 %
12/31/202035.9 %47.2 %
3/31/202136.0 %44.1 %
6/30/202131.8 %42.7 %
9/30/202128.4 %38.3 %
12/31/202125.0 %35.3 %
3/31/202218.4 %28.6 %
6/30/202213.1 %20.9 %
9/30/20228.1 %14.7 %
(c) The CPR Rate (conditional payment rate) is the rate that is equal to the proportion of the principal of a pool of loans that is paid off prematurely in each period.

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Washington Federal, Inc.
Fact Sheet
September 30, 2022
Average Balance Sheet
($ in Thousands)
Quarter Ended
March 31, 2022June 30, 2022September 30, 2022
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable$14,869,733 $139,260 3.80 %$15,350,905 $149,113 3.90 %$15,812,170 $174,710 4.38 %
Mortgage-backed securities852,134 4,659 2.22 1,416,212 8,618 2.44 1,369,326 8,263 2.39 
Cash & investments3,085,239 5,757 0.76 2,056,387 8,281 1.62 1,658,428 13,735 3.29 
FHLB & FRB Stock89,002 1,162 5.29 78,305 1,136 5.82 81,196 1,225 5.99 
Total interest-earning assets18,896,108 150,838 3.24 %18,901,809 167,148 3.55 %18,921,120 197,933 4.15 %
Other assets1,284,929 1,383,146 1,434,300 
Total assets$20,181,037 $20,284,955 $20,355,420 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts12,882,885 8,225 0.26 %12,852,849 9,284 0.29 %12,693,024 17,071 0.53 %
FHLB advances1,720,000 7,525 1.77 1,705,824 6,118 1.44 1,778,098 7,243 1.62 
Other borrowings— — — — — — 38 — 0.0249 
Total interest-bearing liabilities14,602,885 15,750 0.44 %14,558,673 15,402 0.42 %14,471,160 24,314 0.67 %
Noninterest-bearing customer accounts3,198,052 3,278,346 3,331,065 
Other liabilities214,851 238,842 291,108 
Total liabilities18,015,788 18,075,861 18,093,333 
Shareholders’ equity2,165,249 2,209,094 2,262,087 
Total liabilities and shareholders' equity$20,181,037 $20,284,955 $20,355,420 
Net interest income/interest rate spread$135,088 2.80 %$151,746 3.12 %$173,619 3.48 %
Net interest margin (1)2.90 %3.22 %3.64 %
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.
Fact Sheet
September 30, 2022
Delinquency Summary
($ in Thousands)
 AMOUNT OF LOANS# OF LOANS% based% based
TYPE OF LOANS #LOANSAVG SizeNET OF LIP & CHG-OFFs306090Totalon #$ Delinquenton $
September 30, 2022
     Multi-Family1,135 2,314 $2,626,479 — — — — — %$— — %
     Commercial Real Estate1,211 2,569 3,111,112 2 1 4 7 0.58 1,056 0.03 
     Commercial & Industrial2,338 1,002 2,343,403 1 16 28 45 1.92 6,612 0.28 
     Construction684 2,082 1,423,891 — — — — — — — 
     Land - Acquisition & Development120 1,863 223,616 — — — — — — — 
     Single-Family Residential19,218 298 5,726,979 19 8 60 87 0.45 17,983 0.31 
     Construction - Custom1,233 322 397,343 — — 1 1 0.08 435 0.11 
     Land - Consumer Lot Loans1,277 119 151,945 — 1 1 2 0.16 199 0.13 
     HELOC3,862 53 206,033 4 2 8 14 0.36 428 0.21 
     Consumer2,025 37 75,571 14 3 11 28 1.38 214 0.28 
33,103 492 $16,286,372 40 31 113 184 0.56 %$26,927 0.17 %
June 30, 2022
     Multi-Family1,124 2,205 $2,478,932 — — — — — %$— — %
     Commercial Real Estate1,183 2,432 2,876,995 — — 5 5 0.42 351 0.01 
     Commercial & Industrial2,506 935 2,344,046 5 6 28 39 1.56 16,421 0.70 
     Construction719 1,957 1,407,211 — — — — — — — 
     Land - Acquisition & Development125 1,784 222,974 — — — — — — — 
     Single-Family Residential19,115 294 5,619,448 22 7 69 98 0.51 22,189 0.39 
     Construction - Custom1,263 292 368,839 — — 2 2 0.16 900 0.24 
     Land - Consumer Lot Loans1,312 120 157,076 1 — 2 3 0.23 383 0.24 
     HELOC3,665 51 187,469 3 3 4 10 0.27 202 0.11 
     Consumer2,117 35 73,154 8 1 11 20 0.94 252 0.34 
33,129 475 $15,736,144 39 17 121 177 0.53 %$40,698 0.26 %
March 31, 2022
     Multi-Family1,136 2,093 $2,377,657 1 — — 1 0.09 %$310 0.01 %
     Commercial Real Estate1,180 2,380 2,808,628 4 — 5 9 0.76 3,902 0.14 
     Commercial & Industrial2,961 843 2,497,008 21 6 63 90 3.04 15,545 0.62 
     Construction659 1,839 1,212,103 — — — — — — — 
     Land - Acquisition & Development139 1,518 211,061 — — 1 1 0.72 2,340 1.11 
     Single-Family Residential18,796 288 5,418,645 29 18 67 114 0.61 21,264 0.39 
     Construction - Custom1,174 293 344,113 1 — 1 2 0.17 900 0.26 
     Land - Consumer Lot Loans1,321 116 153,549 2 1 5 8 0.61 377 0.25 
     HELOC3,520 50 175,929 5 1 7 13 0.37 672 0.38 
     Consumer2,201 31 67,617 9 3 7 19 0.86 96 0.14 
33,087 461 $15,266,310 72 29 156 257 0.78 %$45,406 0.30 %

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